Pune: Private life insurer, Bajaj Life Insurance, announced that its Board of Directors has approved the setting up of a Pension Fund Management (PFM) company and an International Financial Services Centre (IFSC) Insurance Office (IIO) at GIFT City, Gandhinagar.
The move is aimed at strengthening the company’s ability to deliver comprehensive financial solutions focused on retirement planning and global insurance access for Indians worldwide.
Bajaj Life Insurance Expands Retirement and Global Insurance Offerings
Leveraging more than two decades of fund management expertise and Assets Under Management (AUM) exceeding ₹1.3 lakh crore, Bajaj Life Insurance will seek the required regulatory approvals to provide Pension Fund Management services for National Pension System (NPS) subscribers through a subsidiary.
The company intends to evolve from a leading annuity provider into a comprehensive retirement solutions provider, enabling access to innovative pension products across socio-economic segments.
At the same time, the company is working toward establishing its presence in GIFT City.
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As part of this initiative, Bajaj Life Insurance will engage with the International Financial Services Centres Authority (IFSCA), the Insurance Regulatory and Development Authority of India (IRDAI), and GIFT SEZ to secure necessary approvals.
The proposed GIFT City operations are designed to serve global citizens and Non-Resident Indians (NRIs) seeking international wealth creation opportunities and life insurance solutions.
The IFSC Insurance Office will enable customers to invest in foreign-currency-denominated life insurance products aligned with their long-term financial goals.
Speaking on the development, Tarun Chugh, MD & CEO, Bajaj Life Insurance, said: “The Board’s approval for seeking approvals from PFRDA, IFSCA, IRDAI and GIFT SEZ is a pivotal step in our journey to enable ‘Life Goals’ more holistically.
There is a pressing need for dedicated pension solutions in India, and a PFM Company will allow us to offer a complete suite of NPS and retirement products.
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Furthermore, GIFT City presents a significant opportunity for us to serve the global Indian community with the same trust and innovation that defines Bajaj Life. We look forward to working closely with the regulators to bring these specialized capabilities to our customers.”
This expansion reinforces Bajaj Life Insurance’s “Customer First” philosophy, ensuring that its offerings remain inclusive, personalized, and aligned with evolving customer needs in retirement planning and global insurance solutions.
